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Buying a bank repo

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  • 27-08-2016 3:46pm
    #1
    dbagman
    Banned (with Prison Access) Posts: 1,216 ✭✭✭


    Has anyone any experiences buying from a bank?
    Myself and my girlfriend are currently sale agreed nearly 4 months on one such property and after a very encouraging start to proceedings it has ground to a halt. No info as to whats going on with the bank except its in an "internal review". We keep asking our solicitor, he keeps asking their solicitor and we keep getting nothing in return. How long can/do they take? And what is actually going on?
    Were in the midst of a housing crisis and were here trying to buy our own place, freeing up a rental property in the process. How can the banks we bailed out be allowed treat people like this by keeping them in the dark?


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    #2
    athtrasna
    Closed Accounts Posts: 13,420 ✭✭✭✭athtrasna


    dbagman wrote: »
    Has anyone any experiences buying from a bank?
    Myself and my girlfriend are currently sale agreed nearly 4 months on one such property and after a very encouraging start to proceedings it has ground to a halt. No info as to whats going on with the bank except its in an "internal review". We keep asking our solicitor, he keeps asking their solicitor and we keep getting nothing in return. How long can/do they take? And what is actually going on?
    Were in the midst of a housing crisis and were here trying to buy our own place, freeing up a rental property in the process. How can the banks we bailed out be allowed treat people like this by keeping them in the dark?

    Do a search on here, this comes up almost every week


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    #3
    dbagman
    Banned (with Prison Access) Posts: 1,216 ✭✭✭dbagman


    athtrasna wrote: »
    Do a search on here, this comes up almost every week

    Well heres this weeks installment

    A quick search on here for "buying a bank repo" and the top 5 threads excluding mine are all 5 years ago.........


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    #4
    athtrasna
    Closed Accounts Posts: 13,420 ✭✭✭✭athtrasna


    dbagman wrote: »
    Well heres this weeks installment

    A quick search on here for "buying a bank repo" and the top 5 threads excluding mine are all 5 years ago.........

    Search receiver sales or bank sales, repo isn't a commonly used term on here


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    #5
    dbagman
    Banned (with Prison Access) Posts: 1,216 ✭✭✭dbagman


    athtrasna wrote: »
    Search receiver sales or bank sales, repo isn't a commonly used term on here

    fair enough. will give it a go.


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    #6
    Nua
    Registered Users Posts: 88 ✭✭Nua


    In my case, internal review meant a legal case between bank & original developer which ended up, after 9 months Sale Agreed, booking deposit cashed, Contracts returned, with the property being withdrawn from market & continues to be left vacant . . . Infuriating to say the least - hope it works out better for ye


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    #7
    makeandcreate
    Registered Users Posts: 451 ✭✭makeandcreate


    Been there, done that - twice. First time, went sale agreed subject to bank approval. 3 months later it went to Allsops - no one ever got back to us or the EA.
    In June put in offer on property, again needs bank approval - EA rang in early August to say bank have said it will be at least another 12 weeks before they make a decision.
    They are sitting on properties by all accounts.


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    #8
    dbagman
    Banned (with Prison Access) Posts: 1,216 ✭✭✭dbagman


    I just dont get what the hold up is or what they hope top gain from leaving these properties lying empty. And why they bother putting them on the market at all if theyre not intending on actually selling them. The house were sale agreed on had previously gone sale agreed so whatever it is these internal reviews are about you'd imagine had already been started with previous potential buyers. How can the banks be let toy with people like this. There needs to be some legislation introduced for transparency when it comes to situations like this. Had we bought elsewhere we'd probs be living in it by now. Its disgraceful


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    #9
    DublinDilbert
    Registered Users Posts: 5,379 ✭✭✭DublinDilbert


    The longest delay I had was the back and forth with other bidders, also not knowing what the receiver would accept. This went on for 2 months. Got notification day before Christmas Eve of the bid accepted. Paid deposit early January then keys by early May.


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    #10
    dbagman
    Banned (with Prison Access) Posts: 1,216 ✭✭✭dbagman


    DublinDilbert wrote: »
    The longest delay I had was the back and forth with other bidders, also not knowing what the receiver would accept. This went on for 2 months. Got notification day before Christmas Eve of the bid accepted. Paid deposit early January then keys by early May.

    what bank were you buying it from? And no mention of any reviews? The contracts were issued but they only had my name on them and not my girlfriends so had to be returned. no sign since. then we were told of this review. sale agreed and holding deposit paid since early may. 4 months next week. Is soul destroying. Were away on a weeks holiday next week. Then going to start looking again when we come back. Our mortgage approval runs out end of September aswell


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    #11
    Marcusm
    Registered Users Posts: 10,336 ✭✭✭✭Marcusm


    dbagman wrote: »
    I just dont get what the hold up is or what they hope top gain from leaving these properties lying empty. And why they bother putting them on the market at all if theyre not intending on actually selling them. The house were sale agreed on had previously gone sale agreed so whatever it is these internal reviews are about you'd imagine had already been started with previous potential buyers. How can the banks be let toy with people like this. There needs to be some legislation introduced for transparency when it comes to situations like this. Had we bought elsewhere we'd probs be living in it by now. Its disgraceful

    A fCourt of Appeal case at the end of July has thrown doubt on the ability of the Circuit Court to order repossessions in particular circumstances. While the repossessions which were not challenged may have been lawful, I would not be surprised if the Legal Depts of most banks had not put a halt to the on sale of repossessed properties until the matter has been considered further.


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    #12
    dbagman
    Banned (with Prison Access) Posts: 1,216 ✭✭✭dbagman


    Marcusm wrote:
    A fCourt of Appeal case at the end of July has thrown doubt on the ability of the Circuit Court to order repossessions in particular circumstances. While the repossessions which were not challenged may have been lawful, I would not be surprised if the Legal Depts of most banks had not put a halt to the on sale of repossessed properties until the matter has been considered further.


    We were sale agreed nearly 3 months by end of July. This internal review is going on well before then.


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    #13
    Marcusm
    Registered Users Posts: 10,336 ✭✭✭✭Marcusm


    dbagman wrote: »
    We were sale agreed nearly 3 months by end of July. This internal review is going on well before then.

    It was a court of appeal case and thus well highlighted. It may very well have been that they were delaying in the expectation of a clear outcome, which did not transpire. It would prob take at least 18 months for a case to get as far as CofA.


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    #14
    dbagman
    Banned (with Prison Access) Posts: 1,216 ✭✭✭dbagman


    Marcusm wrote: »
    It was a court of appeal case and thus well highlighted. It may very well have been that they were delaying in the expectation of a clear outcome, which did not transpire. It would prob take at least 18 months for a case to get as far as CofA.

    meaning what exactly? This could drag on for another year or more??


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    #15
    Marcusm
    Registered Users Posts: 10,336 ✭✭✭✭Marcusm


    dbagman wrote: »
    meaning what exactly? This could drag on for another year or more??

    Your solicitor should be able to advise you whether the particular property falls into the problem category. If it does, the bank may not wish to proceed even if it has done everything lawfully as it would attract bad press if the former owners were so minded.


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    #16
    Aka Ishur
    Registered Users Posts: 740 ✭✭✭Aka Ishur


    We bought our bank repo 18 months ago for just over half what the value of the house is now. Took nearly a year of hounding solicitors to get it done.

    My friend had a similar story except after going through the 9 months of hounding solicitors, negotiating with banks, 1 day before closing, the bank pulled the contract, bundled the house up and sold it with a bunch of others to a fund. She is back at square one and raging of course, as the house is still vacant an off the market.


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    #17
    Ms2011
    Registered Users Posts: 3,129 ✭✭✭Ms2011


    We we were 17 months from sale agreed to close of sale.
    Bank was AIB.


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    #18
    DublinDilbert
    Registered Users Posts: 5,379 ✭✭✭DublinDilbert


    dbagman wrote: »
    what bank were you buying it from? And no mention of any reviews? The contracts were issued but they only had my name on them and not my girlfriends so had to be returned. no sign since. then we were told of this review. sale agreed and holding deposit paid since early may. 4 months next week. Is soul destroying. Were away on a weeks holiday next week. Then going to start looking again when we come back. Our mortgage approval runs out end of September aswell

    I think it was a receiver acting on behalf of Ulster bank. The receivers name was cobalt. It depends on the individual property, if it's a voluntary surrender or has to be pushed via the courts.


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    #19
    CruelCoin
    Registered Users Posts: 4,468 ✭✭✭CruelCoin


    dbagman wrote: »
    Has anyone any experiences buying from a bank?
    Myself and my girlfriend are currently sale agreed nearly 4 months on one such property and after a very encouraging start to proceedings it has ground to a halt. No info as to whats going on with the bank except its in an "internal review". We keep asking our solicitor, he keeps asking their solicitor and we keep getting nothing in return. How long can/do they take? And what is actually going on?
    Were in the midst of a housing crisis and were here trying to buy our own place, freeing up a rental property in the process. How can the banks we bailed out be allowed treat people like this by keeping them in the dark?

    I made an offer on a house in may of the year i bought it, and didn't receive the keys until December. Be patient, this takes time.

    In my case, it was a repossessed home and the proceeds of the sale were to be split up between car loan, mortgage and personal loan, all of which the owner had reneged on.
    3 Different banks were squabbling over the proceeds of the sale...

    The no communication thing is normal. Its going to be a stressful few months....


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    #20
    CruelCoin
    Registered Users Posts: 4,468 ✭✭✭CruelCoin


    dbagman wrote: »
    How can the banks we bailed out be allowed treat people like this by keeping them in the dark?

    Not every bank was bailed out by the taxpayer.

    I'm assuming you're buying from KBC? Almost every thread that comes up about this involves KBC...

    That said, we never bailed them out. That was done by their parent group in Belgium. Not that it's any less ****ty, it is.


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